5 Best Gold Mining Companies to Invest In According to Analysts

3. Newmont Corporation (NYSE:NEM)

Average Analyst Share Price Upside: 41.70%

Average Analyst Share Price Target: $47.37

Newmont Corporation (NYSE:NEM), headquartered in Greenwood Village, Colorado, stands as one of the largest global gold mining companies with a rich history dating back to 1921. The corporation’s operations span across various regions, including Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.

In a recent strategic move, Newmont Corporation (NYSE:NEM) announced plans to generate $2 billion in cash through the sale of mines and divestment of projects following its acquisition of Australia’s Newcrest Mining. The completion of this approximately $15 billion deal on November 6 significantly bolstered the company’s valuation to around $50 billion. This acquisition integrated five active mines and two advanced projects into Newmont’s robust portfolio, positioning the company for further growth and expansion in the global gold mining industry.

As of the fourth quarter of 2023, Insider Monkey’s analysis of shareholdings revealed that 53 out of 933 hedge funds had acquired shares of Newmont Corporation (NYSE:NEM)